The station group paid $160 million for the collection of TV and radio stations in Texas and Oklahoma. “This is a group of market leaders; each with a strong presence not only on the broadcast side of the business but also in digital and Spanish-language platforms,” says Raycom CEO Paul McTear.
The FCC has approved the sale of six Texas stations in a deal that will quadruple the number of stations Raycom Media has in Texas. The $160 million purchase will likely be completed Dec. 1.
The deal comprises six stations in Texas in Waco (KXXV), Amarillo (KFDA-KEYU), Odessa-Midland (KWAB-KWES) and Wichita Falls (KSWO), plus a second station in Wichita Falls (KAUZ) that Raycom is buying from Hoak Media and then spinning off to American Spirit, which will enter into a shared services agreement with Raycom, under which KSWO will provide news, production services, administrative support and equipment and building space to KAUZ.
The Oklahoma-based group owner is rolling out local HD newscasts with the help of JVC’s GY-HM790U and GY-HM700U camcorders.